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[size=30]Iran, Russia sign oil and gas exploration agreement in Caspian Sea[/size]
15/10/2017 09:05 | Number of readings:
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[rtl]Trend Press / Agencies[/rtl]
[rtl]The Iranian National Oil Company and Russia's Lukoil signed an agreement to explore oil and gas in the southern Caspian region.[/rtl]
[rtl]The agreement was signed during the current visit of the Iranian Oil Minister to Moscow to participate in the Forum of Gas Exporting Countries.[/rtl]
[rtl]It is the first time that Iran and Russia have cooperated in energy sector projects in the Caspian Sea.[/rtl]
[rtl]One sign of the importance of this agreement is that the Caspian Sea states - Russia, Iran, Azerbaijan, Kazakhstan and Turkmenistan - have not yet set their maritime borders.[/rtl]
[rtl]Iran currently has a large oil field in the southern Caspian Sea called Sardar Jankal with a capacity of 1.4 billion cubic meters of natural gas and 500 million barrels of crude oil.[/rtl]
[rtl]The reserves of crude oil in the Caspian Sea are estimated at 48 billion barrels and 8,000 cubic meters of natural gas.[/rtl]
[rtl]Turkmenistan has extracted more than 70 billion cubic meters of gas from the Caspian Sea floor between 2000 and 2012, according to the US Energy Information Organization.[/rtl]
[rtl]The oil and energy ministers of Algeria, Libya, Egypt, Equatorial Guinea, Iran, Bolivia, Nigeria, Qatar, Russia, Trinidad and Tobago, Venezuela and the UAE are participating in the Forum of Gas Exporting Countries in Moscow, as well as Norway, the Netherlands, Iraq, Oman, Peru and the Republic of Azerbaijan as observers.[/rtl]
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